Arthur Hayes Sees 30% BTC Price Crash After Bitcoin ETF Saga
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Arthur Hayes Sees 30% BTC Price Crash After Bitcoin ETF Saga
In a recent interview with CNBC, Arthur Hayes, the co-founder and CEO of BitMEX, a cryptocurrency derivatives trading platform, expressed his concern over the potential impact of the Bitcoin ETF saga on the price of Bitcoin. According to Hayes, if the Securities and Exchange Commission (SEC) continues to delay or reject the approval of a Bitcoin ETF, the price of Bitcoin could experience a 30% crash.
The Bitcoin ETF saga has been a hot topic in the cryptocurrency community for several years. A Bitcoin ETF would allow institutional investors to invest in Bitcoin through traditional investment vehicles, such as exchange-traded funds (ETFs), without having to directly buy and store the digital currency. This would potentially open up the cryptocurrency market to a whole new wave of investors and could significantly impact the price of Bitcoin.
Hayes believes that the approval of a Bitcoin ETF will be a game-changer for the cryptocurrency market, as it will provide a seamless way for institutional investors to enter the space. However, he also warned that if the SEC continues to delay or reject the approval of a Bitcoin ETF, it could lead to a significant drop in the price of Bitcoin.
Hayes explained, “The reason why we’ve had such a massive rally in Bitcoin over the last 18 months is you’ve seen stratospheric rise in crypto prices. People are buying because they believe that when the ETF comes through, at least in the U.S., that will be the last domino and we’ll see massive, massive up moves. But we’ve delayed and pushed it back now for many, many years.”
He further added, “As the news started to trickle out, Bitcoin sold off initially and we tried to rally. That really was a key [price] range—$10000 to $12000. We had a previous breakout and now we’re coming right back into that range. And if we do not break out again that 30% to 40% retracement could take many months and years to repair.”
Hayes is not the only one who believes that the approval of a Bitcoin ETF will have a significant impact on the price of Bitcoin. Many analysts and experts in the cryptocurrency space have also been closely watching the developments around the Bitcoin ETF saga, as they believe that it could be a major catalyst for the next bull run in Bitcoin.
The SEC has been hesitant to approve a Bitcoin ETF, citing concerns about market manipulation and investor protection. The regulatory agency has rejected several proposals for a Bitcoin ETF in the past, and it has also delayed its decision on several occasions. The most recent delay came in August, when the SEC extended the deadline for its decision on the Bitwise Bitcoin ETF Trust to October 13.
While the SEC’s stance on a Bitcoin ETF has been a point of concern for many in the cryptocurrency community, some experts believe that it is only a matter of time before the regulatory agency approves a Bitcoin ETF. The approval of a Bitcoin ETF could potentially open the floodgates for institutional money to pour into the cryptocurrency market, which could lead to a significant uptick in the price of Bitcoin.
Despite the potential impact of a Bitcoin ETF on the price of Bitcoin, some analysts remain skeptical about its significance. They argue that the approval of a Bitcoin ETF may not necessarily lead to a massive rally in the price of Bitcoin, as it has already been priced in by the market. Additionally, they believe that the market dynamics and the sentiments of retail investors may have a more significant impact on the price of Bitcoin than the approval of a Bitcoin ETF.
While the debate about the potential impact of a Bitcoin ETF on the price of Bitcoin continues, many in the cryptocurrency community are eagerly awaiting the SEC’s decision on the Bitwise Bitcoin ETF Trust. The outcome of this decision could have far-reaching implications for the cryptocurrency market and could potentially shape the future of Bitcoin and other digital currencies.
For now, Bitcoin traders and investors will be closely watching the price of Bitcoin and the developments surrounding the Bitcoin ETF saga. The price of Bitcoin has already shown signs of volatility in response to news about the Bitcoin ETF, and it is likely to continue to fluctuate as the SEC’s decision on the Bitwise Bitcoin ETF Trust draws near. Whether the approval of a Bitcoin ETF will lead to a massive rally in the price of Bitcoin or a significant crash, remains to be seen.
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